Verisk(Nasdaq:VRSK) professional analyst Wood Mackenzie released the 2021 global inverter Top 10 rankings, and unlike IHS Markit's ranking in June, Huawei successfully protected its leadership position. Therefore, this list is worth paying attention to.
Wood Mackenzie's report says that at present, the consolidation of the head inverter enterprise is continuing. In 2021, the world's top 10 solar PV inverter suppliers accounted for 82% of the market share, an increase of 2 percentage points compared to 2020.
Compared to 2020, global PV inverter shipments in 2021 increased by 22%, or 40,250 MWAC (megawatts, alternating current), to 225,386 mWAC. This was primarily driven by strong growth in markets in Europe, India and Latin America, where governments have stepped up their support in order to meet decarbonisation targets.
Annie Rabi Bernard, research analyst at Wood Mackenzie, said: "Despite soaring raw material prices, supply chain challenges and construction delays, global PV inverter shipments continue to rise. Leading manufacturers are becoming stronger, and the leading players represented by Huawei and Sunshine Power continue to consolidate their market share in 2021."
According to Wood Mackenzie rankings, Huawei and SunPower continue to lead the way for the seventh consecutive year, occupying the first and second positions respectively. In 2021, Huawei's market share remained stable at 23%, followed by Solar Power, which increased to about 21% from about 19% in 2020.
In third place is Guruiwatt from Guangdong, China, with a market share of 7%, displacing SMA, which slipped to sixth place. Together, the top three suppliers control more than half of the global solar PV inverter market. 2022 Q2 Inverter company!
The fourth and fifth are respectively Jinlang Technology and Goodway. Goodway jumped four places to fifth place in 2021 thanks to heavy shipments to the Asia-Pacific region, particularly China and South Korea. From 2019 to 2021, before the outbreak of the pandemic, Goodwell's shipments achieved the largest increase of nearly five times.
It is worth mentioning that the Israeli company SolarEdge ranks ninth in 2021, entering the top 10 for the first time. Since 2020, SolarEdge's new additions have been approximately 1,000 mWAC, with the company focusing on the European market. SolarEdge is also ninth on IHS Markit's ranking.
In terms of geographical scope, the Asia-Pacific region consumed more than half of global solar PV inverter shipments in 2021, or 116,064 MWac. Among them, shipments in China, India and Australia are important reasons for demand growth, and Huawei and Sunpower maintain their dominant position in this region.
Secondly, Europe accounted for 23% of the global market, with inverter shipments of 50,770 MWac. In 2021, inverter shipments to the European market increased by 17,000 mWAc over 2020, an impressive 52% year-on-year increase. Inverter capital feast: light storage market battle is raging
Growing demand in Germany, Italy and the Netherlands, as well as Poland's ambitious target of 7,300mWAc of solar PV capacity by 2030, are driving this substantial growth.
Inverter shipments in the United States accounted for 14% of the global market share in 2021, a slight decline of 360MWac from 2020. Supply chain constraints, record raw material costs and rising developer costs all contributed to the slight year-on-year decline.
Spanish company Power Electronics, with the highest market share in the country, ranked seventh on the list.
